Even as domestic equity markets struggle to battle Coronavirus fears, primary stock market seems to be buzzing with activity with a lot of initial public offerings (IPOs) like SBI Cards, Equitas Small Finance Bank (SFB), Home First Finance Company and Antony Waste Handling Cell making headlines. Here’s a look at the IPOs that were in news today:
SBI Cards
The initial public offering (IPO) of the second-largest credit card company, SBI Cards and Payment Services, was subscribed over 65% by afternoon on the second day of bidding, according to data on exchanges.
The portion set aside for retail investors was subscribed 99.91%, while that of employees saw 83.26% subscription, while SBI shareholders’ portion was subscribed 1.14 times.
The reserved portion of qualified institutional investors has been subscribed 6.1%, while that of non-institutional investors category saw subscription of 26.86%.
Equitas Small Finance Bank
Equitas Small Finance Bank on Tuesday received capital market regulator Securities and Exchange Board of India’s (Sebi’s) nod for an IPO. The offer consists of fresh equity worth Rs 550 crore and an offer for sale (OFS) of 8 crore equity shares, according to the company’s draft red herring prospectus.
The bank proposes to utilise the net proceeds from the offer towards augmenting its Tier I capital base to meet future capital requirements, as per the prospectus. JM Financial, Edelweiss Financial Services and IIFL Securities are managing the offer.
Home First Finance Company
Home First Finance Company (HFFC), affordable housing finance firm, also received approval from Sebi for its IPO today. The company is expected to raise Rs 1,500 crore through the public offer.
Its IPO consists of a fresh issue of Rs 400 crore and an OFS of Rs 1,100 crore by promoters and investors. The company intends to utilise the net fresh issue proceeds to augment its capital base to meet its future capital requirements.
Antony Waste Handling Cell
The IPO of Antony Waste Handling Cell, the municipal solid waste management company, will open for subscription tomorrow, i.e. 4 March. The issue will remain open for three days till 6 March.
The IPO consists of a fresh issue of up to Rs 35 crore and an OFS of up to 57 lakh equity shares. The company has fixed a price band at Rs 295-300 per share for the issue. Bids can be made for a minimum lot of 50 equity shares and in multiples of 50 shares thereafter.
Antony Waste Handling Cell proposed to utilise the net fresh issue proceeds for reduction of the consolidated borrowings by infusing debt in subsidiary AG Enviro Infra Projects for repayment/prepayment of a portion of their outstanding indebtedness, and general corporate purposes.
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